Middle EastTankers

Gulf Navigation vows to acquire a ‘huge fleet’

Having skirted with bankruptcy in recent years, Dubai’s Gulf Navigation has made a statement of intent over the weekend. In a release, the company said it was in the process of acquiring what it described as a “huge fleet”.

The company has tapped Deloitte to provide assistance as it looks to acquire lots of tonnage.

Khamis Juma Buamim, Gulf Navigation’s ceo, said the fleet build up would not just centre on the company’s traditional petrochemical domain, but would also look at other shipping sectors too. It would also look at investments in yards.

Last month the Middle Eastern tanker owner signed a contract with China’s Wuchang Shipbuilding to build six chemical tankers.

The Gulf Navigation fleet was dramatically slimmed down in recent years as it fought back its dire financial position.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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